Establishing supervision costs
New York State Department of Financial Services (NYDFS) has announced the establishment of supervisory costs for licensed cryptocurrency companies. According to the regulations, the NYDFS will set an annual rate to cover the costs of supervising crypto companies, which will be calculated based on the department’s costs of conducting such supervision.
Rules for paying the fixed rate
Licensed crypto companies will have to pay the set rate for a year, starting from the first day of their licensed activities. If the supervision costs exceed the set rate, the NYDFS may charge an additional fee from the company.
Regulation of the cryptocurrency market
The NYDFS has been regulating the cryptocurrency market in New York since 2015. According to state law, all companies engaged in cryptocurrency operations must obtain a license from the NYDFS.
The NYDFS sets the costs of supervising crypto companies in order to ensure effective regulation of the cryptocurrency market and ensure the safety of users of cryptocurrency services. The establishment of an annual rate and payment rules will allow the NYDFS to obtain the necessary financial resources to conduct oversight and ensure market safety.